Major Radio Markets – Radio AM – Vancouver

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 9 9   9   9   9    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 31,211,682 32,108,831 2.87 32,963,194 2.66 30,468,295 -7.57 29,162,513 -4.29 -1.7
National Time Sales 6,368,992 6,317,530 -0.81 6,853,081 8.48 5,049,293 -26.32 5,417,169 7.29 -4.0
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 312,908 40,793 -86.96 38,082 -6.65 23,976 -37.04 54,591 127.69 -35.4
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 2,431,350 2,620,343 7.77 2,423,941 -7.50 2,152,293 -11.21 2,330,508 8.28 -1.1
Total Revenue 40,324,932 41,087,497 1.89 42,278,298 2.90 37,693,857 -10.84 36,964,781 -1.93 -2.2

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 17,564,379 18,390,674 4.70 19,167,929 4.23 17,994,988 -6.12 19,349,453 7.53 2.5
Technical 1,519,025 1,501,328 -1.17 1,425,029 -5.08 1,496,552 5.02 1,575,885 5.30 0.9
Sales and Promotion 10,653,381 10,728,631 0.71 9,956,010 -7.20 8,884,847 -10.76 8,620,720 -2.97 -5.2
Administration and General 8,933,264 8,664,794 -3.01 8,718,920 0.62 8,112,730 -6.95 7,741,562 -4.58 -3.5
Total Expenses 38,670,049 39,285,427 1.59 39,267,888 -0.04 36,489,117 -7.08 37,287,620 2.19 -0.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 1,654,883 1,802,070   3,010,410   1,204,740   -322,839    
Depreciation 652,322 836,381   610,954   528,623   545,389    
P.B.I.T. 1,002,561 965,689   2,399,456   676,117   -868,228    
Interest Expense 127,142 99,487   15,710   192,414   217,205    
Adjustments - Gain (Loss) 213,888 3,302,757   3,730,932   1,378,828   4,718,232    
Pre-tax Profit 1,089,307 4,168,959   6,114,678   1,862,531   3,632,799    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 45.4 46.8   48.8   49.3   51.9    
Program and Production Expense/Total Revenue 43.6 44.8   45.3   47.7   52.3    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 20,336,194 20,132,144 -1.00 21,006,377 4.34 20,640,204 -1.74 19,657,501 -4.76 -0.9
Total Staff Count 310.3 296.7 -4.39 288.1 -2.89 290.5 0.84 276.2 -4.93  
Avg Remuneration ($)  65,541 67,865 3.55 72,919 7.45 71,053 -2.56 71,182 0.18 2.1
Avg Remuneration excl. Benefits ($)  59,902 60,987 1.81 64,918 6.45 64,548 -0.57 64,831 0.44 2.0

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 4.1 4.4   7.1   3.2   -0.9    
P.B.I.T. Margin 2.5 2.4   5.7   1.8   -2.3    
Pre-tax Margin 2.7 10.1   14.5   4.9   9.8    
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